Flashcards
Computer Accounting with QuickBooks Online - Chapter 3 - Key Terms – QBO Transactions
Flashcards do conjunto (18)
- 1TransactionsAre exchanges between our business and other parties, such as customers, vendors, and employees and increase and decrease accounts.
- 2Chart of AccountsIs a list of all the accounts a company uses when recording transactions.
- 3Customer ListAlso called Clients List, collects information about customers, such as customer name, customer number, address, and contact information.
- 4Vendors ListCollects information about vendors, such as vendor name, vendor number, and contact information.
- 5Employees ListCollects information about employees for payroll purposes including name, Social Security number, and address.
- 6Products and Services ListCollects information about the products and services that a company buys from vendors and/or sells to customers.
- 7Onscreen JournalIs one of two ways to enter transaction information and is often used to make adjusting entries at year end to bring accounts up to date before preparing financial statements.
- 8Onscreen FormIs one of two ways to enter transaction information and behind the screen, QBO automatically converts that information info a journal entry with debits and credits.
- 9Banking and Credit Card transactionsAre transactions that involve depositing or transferring funds with our bank and can be entered using the (+) New icon.
- 10Customer and Sales transactionsAre exchanges between our company and our customers and typically focus on sales transactions with customers we sell products and services to.
- 11Vendor and Expense transactionsAre exchanges between our company and our vendor and typically focus on expense transactions with suppliers who sell products and professionals who provide services to our company.
- 12Employee and Payroll transactionsAre exchanges between our company and our employees and typically focus on payroll transactions, including tracking employee time and paying employees for their services to the company.
- 13Other transactionsTransactions which fall outside of Banking, Customer, Vendor, and Employee transactions and might include adjusting entries that are required to bring our accounts up to date at year end before preparing financial reports.
- 14Recurring transactionsAre frequently used transactions which can be classified as scheduled, unscheduled, and reminder transactions.
- 15Scheduled transactionsRecurring transactions scheduled for QBO to automatically enter the transaction on a specified date.
- 16Unscheduled transactionsTransactions appearing in the Recurring Transaction List but QBO does not automatically enter the transaction; Instead, we must go to the Recurring Transaction List and select Use.
- 17ReminderRecurring transactions alert us with a reminder when we should use a recurring transaction to enter a new transaction.
- 18Double-entry accountingIs used with a journal to record what is exchanged in a transaction: 1. The amount received is recorded as a debit, and 2. The amount given is recorded as a credit. Each journal entry must balance, debits must equal credits.
Informações
- Descrição
- Computer Accounting with QuickBooks Online - Chapter 3 - Key Terms – QBO Transactions
- Criado por
- Susan Esch
- Visualizações
- 42
- Tags
- Avaliação